HomeMy WebLinkAbout3. Challenge Printing Check Approval
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CITY OF SHAKOPEE
Memorandum
TO: Mayor and City Council
FROM: Mark McNeill, City Administrator
SUBJECT: Challenge Printing Check Approval
DATE: Febmary 17, 200.5
INTRODUCTION:
At the special meeting of Febmary 22nd, the Council is being asked to approve a "pass-
through" payment of $440,000 to Challenge Printing.
BACKGROUND:
As pari of the economic development package put together for Challenge Printing, the
City agreed to facilitate a Minnesota Investment Fund (MIF) loan to Challenge Printing.
In that, the State approved up to $440,000 to assist in reimbursement for equipment.
Challenge Printing has submitted the requisite invoice, and that has been submitted to
Minnesota Department of Trade and Economic Development.
Upon receipt of the check from DTED, we will need to have your approval to issue
payment to Challenge Printing. The commitment date for payment to Challenge Printing
is by Febmary 28th.
RECOMMENDATION:
I recommend that Council authorize payment to Challenge Printing.
ACTION REQUESTED:
If the Council concurs, it should, by motion, authorize payment of $440,000 to Challenge
Printing as proceeds from the Minnesota Investment Fund loan.
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Mark McNeill
City Administrator
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